China Overseas Development Files for Foshan Mall REIT Listing in Shenzhen

China Overseas Development (00688) announced that China Asset Management and CITIC Securities have submitted registration and listing application materials for a public fund to the China Securities Regulatory Commission and the Shenzhen Stock Exchange. The REIT's underlying asset is the Foshan Qiandeng Lake Huanyu City shopping centre, located in Nanhai District, Foshan, Guangdong Province. The project is owned by a project company, which is a subsidiary of China Overseas.

In accordance with applicable Chinese laws and regulations, an asset-backed special plan will be established by the manager. Upon the establishment of the public fund, the proceeds will be used to subscribe for all interests in the asset-backed special plan. Subsequently, the asset-backed special plan will use the subscription proceeds to acquire from China Overseas all interests in the project company, for the purposes of repaying the project company's debts, supplementing working capital, paying relevant transaction taxes and fees, and covering the establishment and transaction costs of the public fund and the asset-backed special plan. Upon completion of the acquisition, the project company will be 100% held by the REIT and will cease to be a subsidiary of China Overseas.